Change to Code of Ethics Standard of Practice 1-15

Standard of Practice 1-15 has been amended effective Jan 2009 and now reads:

"REALTORS®, in response to inquiries from buyers or cooperating brokers shall, with the sellers' approval, disclose the existence of offers on the property. Where disclosure is authorized, REALTORS® shall also disclose, IF ASKED, whether offers were obtained by the listing licensee, another licensee in the listing firm, or by a cooperating broker."

Hi Richard... this is a good example of why Buyers should find a "sharp" buyer's agent and sign a buyer's represenatation agreement. Someone unfamiliar with what to ask in these circumstances might not have the most strategic information on which to base their guidance to their buyer client.

Shouldn't the listing agent relay all offers to the buyer agent if the buyer's agent' client put an offer on that the listing agents listing? Shouldn't the buyers know that there are other offers on a home that they put an offer in on? and how much?

Disclaimer: Trulia, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. Trulia, Inc. takes no responsibility for the content in these profiles, that are written by the members of this community.